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Novo Nordisk

NYSE: NVO · DKK

Novo Nordisk cash flow and EPS94

Operating cash flow, capital investment, free cash flow and earnings per share.

Capital allocation

% of tracked cash uses

DKK 60,140M
Novo Nordisk capital allocation. Annual values. Missing values are unavailable.
PeriodCapexAcquisitionsBuybacksDividendsDebt repaymentsTracked uses
FY 2017UnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FY 2018UnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FY 2019UnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FY 2020UnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FY 2021100% · DKK 6,335MUnavailableUnavailableUnavailableUnavailable100% · DKK 6,335M
FY 2022100% · DKK 12,146MUnavailableUnavailableUnavailableUnavailable100% · DKK 12,146M
FY 2023100% · DKK 25,806MUnavailableUnavailableUnavailableUnavailable100% · DKK 25,806M
FY 2024100% · DKK 47,164MUnavailableUnavailableUnavailableUnavailable100% · DKK 47,164M
FY 2025100% · DKK 60,140MUnavailableUnavailableUnavailableUnavailable100% · DKK 60,140M
Dec 31, 2017 through Jun 30, 2026

Latest period omits acquisitions, buybacks, dividends, debt repayments. Percentages cover tracked uses. SBC is noncash and excluded.

Operating cash flow

DKK millions

DKK 119,102M

Capital expenditures

DKK millions

DKK 60,140M

Free cash flow

DKK millions

DKK 58,962M

Stock-based compensation

DKK millions

DKK 1,435M

SBC / free cash flow

% · FCF before SBC deduction

2.43%

SBC / operating cash flow

%

1.2%

Software & intangible investment

DKK millions

—

Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.

Diluted EPS

DKK per share

DKK 23.03

Annual data

Novo Nordisk cash-flow history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedOperating cash flowDKK millionsCapital expendituresDKK millionsFree cash flowDKK millionsStock-based compensationDKK millionsSBC / free cash flow%SBC / operating cash flow%Software & intangible investmentDKK millionsDiluted EPSDKK per share
FY 2025Dec 31, 2025119,10260,14058,9621,4352.43%1.2%—DKK 23.03
FY 2024Dec 31, 2024120,96847,16473,8042,2893.1%1.89%—DKK 22.63
FY 2023Dec 31, 2023108,90825,80683,1022,1492.59%1.97%—DKK 18.62
FY 2022Dec 31, 202278,88712,14666,7411,5392.31%1.95%—DKK 12.22
FY 2021Dec 31, 202155,0006,33548,6651,0402.14%1.89%—DKK 10.37
FY 2020Dec 31, 202051,951——823—1.58%—DKK 9.01
FY 2019Dec 31, 201946,782——363—0.78%—DKK 8.19
FY 2018Dec 31, 201844,616——414—0.93%—DKK 7.97
FY 2017Dec 31, 201741,168——292—0.71%—DKK 7.7
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

FCF subtracts reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Acquisitions and noncash lease additions are excluded. EPS and weighted shares are not summed across quarters. Annual figures use annual reports.

SBC / FCF always uses FCF before SBC deduction; both SBC ratios compare amounts from the same period. A zero or negative cash-flow denominator is undefined, and values above 100% are retained.

Each reported nonnegative cash use / sum of available tracked nonnegative cash uses × 100. Missing categories are omitted, never set to zero. This is the composition of tracked uses, not a complete cash-flow reconciliation or a percentage of OCF. SBC is noncash and excluded. Negative amounts are excluded as reversals or net receipts; they are not converted to spending. Annual bars use reported annual amounts. Turning off a category hides its share without changing the denominator. Debt repayments prefer a reported aggregate, with long-term or convertible-only scope identified in the tooltip. Acquisitions are net of cash acquired. Dividend payments use the aggregate where reported, including dividend equivalents when part of that concept.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Market prices: Yahoo Finance · NOVO-B.CO, DKK. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Operating cash flow
Reported net cash provided by or used in operating activities.
Capital expenditures
Reported cash capital investment. Uses purchases of property, plant and equipment where disclosed; otherwise purchases of productive assets, which can also include software and intangibles. Excludes acquisitions and noncash lease additions.
Free cash flow
Operating cash flow − reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Reflects the SBC option and can differ from issuer-defined FCF.
Stock-based compensation
Reported share-based compensation addback in the cash-flow statement. Missing disclosure is not treated as zero.
SBC / free cash flow
Reported share-based compensation / (operating cash flow − cash capital investment) × 100, for the same fiscal period. Always uses FCF before SBC deduction. Zero or negative FCF is undefined; values above 100% are retained.
SBC / operating cash flow
Reported share-based compensation / reported operating cash flow × 100, for the same fiscal period. Zero or negative operating cash flow is undefined. Unaffected by the SBC deduction scenario.
Software & intangible investment
Separately tagged payments for capitalized software under US GAAP, or purchases of intangible assets under IFRS. This optional disclosure is not inferred from total capex or deducted a second time from FCF.
Diluted EPS
Reported diluted earnings per share, normalized for recorded subsequent stock splits. Quarterly EPS is never subtracted from annual or YTD EPS.